Personal Bankruptcy Canada Blog » What I Keep or Lose in Bankruptcy in Canada

parents in financial difficulty

Questions — Sat, 18 Feb 2012 13:09:31 +0000

my parents are both working minimum wage jobs and own a condo that they are mortgaging. the car is a lease.

they are having trouble making monthly payments for insurance, condo maintenance fees, car payments and mortgage. i work full time and i try to helpl them out. recently i decid to pay off their accumulated property tax. i have my own student loans to pay off so i dont think i can help minimize their debt.

woold filing for bankrupty their best option? and if they do, will the they lose their home? the home is under my dad, my mom and my name.

Posted from: Ontario

bankrupcy and inheritances

Questions — Mon, 30 Jan 2012 15:54:09 +0000

I have filed for bankrupcy for the second time in early december. Now after the fact, I find I am entitled to an inheritance. What will happen to this?

Posted from: Nova Scotia

property outside canada

Questions — Sun, 29 Jan 2012 20:16:48 +0000

can i lose a property outside canada in a bankruptcy?

Posted from: Quebec

Acrimonious

Questions — Tue, 24 Jan 2012 18:08:24 +0000

I own a house in Alberta which is involved in a divorce (with nearly $300,000.00 of unencumbered equity) but my wife won’t agree to anything. The divorce has been going on for 2.5yrs already. I’ve been living in BC 2.5yrs as well. I can’t find work here and my credit cards are maxed out, I’m broke. Can’t get an equity loan on house because she’s on title of house. Can I declare bankruptcy? If I can, what happens to my house in Alberta?
Thanks for your help.

Posted from: British Columbia

Question on Asset Transfers

Questions — Mon, 23 Jan 2012 19:10:01 +0000

Assets were transferred to my common law spouse over 3 years ago and put in her name as a protection from any situation where I might be unrightly sued. how far back is financial asset history looked at, particularly with respect to asset transfers?

Posted from: Alberta

windy

Questions — Wed, 18 Jan 2012 18:56:44 +0000

is inheritance exempted

Posted from: Ontario

property in bankruptcy

Questions — Sun, 15 Jan 2012 12:07:27 +0000

hello, my question is how being married can affect personal bankruptcy. for example. the house we live in is in my wifes name alone , and does have equity. i personally have lost my job and cannot afford credit cards. if i declare bankruptcy will it affect our ( her ) property. ? thanks

Posted from: Ontario

what happens to my mothers home

Questions — Wed, 11 Jan 2012 21:22:31 +0000

My husband and myself were self-employed and had to give up the business due to illness. We are now on income assistance waiting to collect disability. We both have credit card debt and bank overdrafts. We don’t have tax debt. I had been gifted 4% interest 3 years ago in my mothers house which I live in paying monthly rent. What will happen to my mothers home when we declare bankruptcy

Posted from: British Columbia

Concerned

Questions — Mon, 09 Jan 2012 14:08:10 +0000

I consulted a trustee and expressed a profound concern that my current car, which is 10 yrs old and in very bad shape would not pass the new inspection laws in 2012. But that by being in bankruptcy, I could never get a loan for a new car. Without a car, I could lose shared custody of my daughter because I couldn’t take her to school (another city than residence).
She said to purchase a brand new car before filing bankruptcy because it would last the duration of my bankruptcy and if I keep making all those payments in full, a law passed in 2009 says that the bank that is financing the purchase cannot take it away if payments are respected. – Is this true ? What law states this ?

Posted from: Quebec

2 Vehicles

Questions — Mon, 09 Jan 2012 14:03:09 +0000

My husband and I will need to declare banruptcy. We both own vehicles that have a combined value of $5000.00. I use my car to communte to and from work. My husband does not work due to disability. He uses his vehicle to go to medical appointments. Would we be required to give up one of the vehicles? Thanks

Posted from: Alberta

miss

Questions — Thu, 05 Jan 2012 05:39:28 +0000

Can I declare Personal bankruptcy if I have a limited company

Posted from: British Columbia

Life Insurance

Questions — Tue, 20 Dec 2011 23:32:55 +0000

What happens to the proceeds of life insurance if the bankrupt person dies before the 9 months is up

Posted from: Alberta

Credit card

Questions — Tue, 13 Dec 2011 18:09:33 +0000

If I declare personal bankruptcy, can my common law let me use her credit cards?

Posted from: Ontario

loosing my house

Questions — Thu, 08 Dec 2011 22:02:52 +0000

If I were to claim bankruptcy for about $15,000 worth of debt would I lose my house?

Posted from: Manitoba

spouse

Questions — Tue, 06 Dec 2011 18:10:36 +0000

If I am recently married but have a marriage contract that stipulates no involvement with my partners money, and I have significant debt, can I declare bankruptcy without negatively affecting my spouse. I should clarify that my spouse owns a house and is in healthy financial position.

Posted from: Ontario

matrimonial home

Questions — Thu, 01 Dec 2011 12:12:32 +0000

my husband and I are joint tenants of our matrimonial home. I may need to consider filing for bankruptcy due to a large CRA tax assessment which I may not be able to pay. If I declare bankruptcy, will I be forced to sell my share of the matrimonial home?

Posted from: Ontario

Buying Back Vehicle From Trustee

Questions — Wed, 30 Nov 2011 22:25:54 +0000

My only vehicle is worth about $7K and I believe that the Ontario vehicle bankruptcy exemption is $5,650. I have no other assets or no surplus income. When I go bankrupt can I pay the trustee the $1,350 difference over time so I can retain the vehicle? If this is the only money the trustee collects, will it be used to offset his fees before any disbursement to creditors?

Posted from: Ontario

Shared Cottage

Questions — Wed, 23 Nov 2011 21:28:43 +0000

For a family owned cottage, if one family member declares bankrupcy, does their legally owned share of the cottage become available to the creditors, if so, how does it work?

Posted from: Ontario

out of province property

Questions — Wed, 23 Nov 2011 21:25:41 +0000

I live in Alberta but own property in B.C. The property is clear title but is owned jointly with my soon to be ex spouse. what would happen in such a situation like this if I were to file personal bankruptcy.

Posted from: Alberta

Foreclosure &/or Bankruptcy

Questions — Wed, 16 Nov 2011 01:48:49 +0000

We bought a house that is going to foreclose because we cannot afford to pay for it and it is unliveable. We have racked up debt trying to take care of the problem on our own this past year and now can hardly afford to buy food so we have to stop our mortgage payments. We are currently living in my fathers house and he passed away last year and left the house to me, however we have not transferred title or sought probate yet as we cannot afford to. We are considering bankruptcy but I am afraid they will take my fathers house and force us to sell it, leaving us with nothing. Any advice on the matter would be greatly appreciated.

Posted from: Alberta

land

Questions — Wed, 09 Nov 2011 03:23:19 +0000

If I receive a piece of land from my parents, can it be taken from me in bankruptcy?

Posted from: Nova Scotia

Senior Citizen

Questions — Fri, 04 Nov 2011 14:18:33 +0000

My father is considering Personal Bankrupcy….he is a widow, and has no assets other than the trailer he lives in, in the summer…1980 trailer, and the trailer he lives in, in the winter in Florida. He does not owe back taxes but owes on credit cards (11 cards- average of apprx. $15000. each) He has a leased vehicle that he has 3 years left on…his income from CPP and death benefit is apprx. 1300. and that is all he has. Can you tell me will they take the trailers he has been living in. This is his 2nd personal bankrupcy….this happened will the closure of his business 12 years ago. I need some information., please

Posted from: New Brunswick

gic

Questions — Wed, 02 Nov 2011 14:21:15 +0000

i have a GIC which is in trust for a family member, will bankruptcy take this too?

Posted from: Ontario

Education fund and Bankruptcy

Questions — Thu, 06 Oct 2011 11:50:27 +0000

Why would my 19 year old son lose an education fund that was set up for him 17 years ago when I have to declare bankruptcy?He is the beneficiary….

Posted from: Newfoundland and Labrador

Will we lose both vehicles?

Questions — Fri, 30 Sep 2011 14:10:02 +0000

Hi
My husband is thinking of filing for bankruptcy, as we have gotten into trouble with credit cards.
We currently have 2 vehicles. A mini van, which I use and a car my husband uses for work. The car is paid for and we are still paying for the mini-van, payments are up to date.
If he files will we have to give up one of these vehicles? They are both in his name. I am a stay at home mom, but need my vehicle to take my kids to school and other appointments and he has to have a car to get to and from work.
Thanks

Posted from: New Brunswick

keeping the car

Questions — Fri, 30 Sep 2011 09:59:03 +0000

my question is can my friend purchase a cheaper car after she declares bankruptcy after giving up the financed one or she wont be able to until say the 9 months are over.thanks

Posted from: Ontario

Income tax refund

Questions — Tue, 20 Sep 2011 13:26:41 +0000

I am in a 21-month bankruptcy due to excess income. I filed in July of last year.

My trustee filed my post-bankruptcy return. Today, I received a an income tax refund cheque from CRA.

Do I have to turn the entirety of it over to my trustee, or do I get to keep it, just claiming the income and paying the estate according to the directive amounts?

Posted from: British Columbia

Donna

Questions — Mon, 29 Aug 2011 14:00:15 +0000

I have home with a $150K Secured line of credit and a 2nd mtg of $75K. I am on a LTD disability and I work only 3 days a week 4 hours per day at $10.00 per hour. I am finding it hard to meet my financial obligations and experiencing an increase in poor health which could result in having to leave my pt job.I could still collect my mo LTD payment but it is not enough to cover my monthly living expenses. I own a car paid off not worth much (2006)dented and dinged up. Is Personal Bankruptcy even an alternative or would I have to give up my home and my car thereby leaving me homeless and unable to make doctor appts etc. thankyou

Posted from: Alberta

matrimonial home

Questions — Wed, 17 Aug 2011 15:09:33 +0000

My soon to be ex is trying to file bankruptcy to get his name off the mortgage. I live in the house with our 2 children, I have been paying the mortgage. We bought the house with my inheritance. Will the house be effected?

Posted from: Ontario

Death and Bankruptcy

Questions — Fri, 05 Aug 2011 09:41:54 +0000

My wifes father recently passed away and had declared bankruptcy. He was 3 months into his payments and died of cancer. He had a life insurance policy that he has left for her mom, they separated 10 years ago – not divorced. Is this policy protected or is she going to have to hand it over to cover his bankruptcy?

Posted from: Nova Scotia

Company RRSP/Pension

Questions — Thu, 23 Jun 2011 17:55:58 +0000

Do I get to keep my rrsp. My company contribute and so do I. Been there 20 year.

Posted from: Alberta

Inheritance

Questions — Thu, 23 Jun 2011 10:14:38 +0000

What Happens If I Inherit Property While I’m In Bankruptcy? I am to be discharged in September.

Posted from: Ontario

Husbands Debt

Questions — Tue, 21 Jun 2011 14:28:41 +0000

Am I responsible for my husbands debts?He is considering bankruptcy. He has assets of about $100,000 and debt of $200,000 – all in his name. I have assets of about $100,000 – in my name mostly RRSPs about $20,000. cash.

Posted from: Alberta

Senior Thinking Of Bankruptcy

Questions — Sat, 18 Jun 2011 14:03:39 +0000

I’m 65 but working still. Is age taken into account if I declare bankruptcy? Will my CPP be taken too?

Posted from: Ontario

part owner of company

Questions — Mon, 30 May 2011 15:05:08 +0000

we bought a business in 08, can’t continue, to purchase the company we signed a general security agreement, putting a property up for security. What if after all assets are sold off, money owing to company is included, what happens next?

Posted from: Ontario

basic question

Questions — Sat, 28 May 2011 11:25:03 +0000

I am planning on filing for bankruptcy with my debts from my divorce(ext. 85,000)however the only thing that i presently own is my new pc that is worth over 3,000 which i am paying back which i do not want in my in my claim and my student loans, which will help me build my credit back up. I just make enough money to servive and pay my basic bills. i make about 1200-1400 a month on min wage jobsand i have no spare cash. I am common law right now so I am wondering how much money I can make? also my account is in a different bank then the debts. what do I do?

Posted from: New Brunswick

Submitting receipts later

Questions — Sat, 28 May 2011 11:23:52 +0000

I am going to be declaring bankruptcy. It is my understanding that the bankruptcy will take all refunds I have owing on my past 5 years of unsubmitted and unrefunded taxes. I am on disability and money is very tight. When things were a bit better I had private health insurance. It used to be a significant portion of my refund. I am wondering if when I give in my income tax info to the bankruptcy people if I were to leave out the insurance receipts, whether I could go back and claim those at a time when I could legally have the refund that would be the result of those receipts. I realize this may not be ethical to hold back the receipts but is it illegal? I am, after all submitting them, just later. I believe one can go back and submit to Revenue Canada things “missed” in past income taxes?

Posted from: Ontario

Cashing in RRSP’s

Questions — Thu, 26 May 2011 13:31:59 +0000

I have an RRSP for approximately 500.00 plus any interest it has accrued. I have not actually put into motion the bankruptcy. Can I still cash that out and keep the money if I do it before I start bankruptcy proceedings? How long after I have started bankruptcy proceedings would it be before I could cash the same RRSP?

Posted from: Ontario

Can I keep my income tax refunds?

Questions — Thu, 26 May 2011 13:29:43 +0000

I am going to be declaring bankruptcy. I have not filed an income tax in 6 or 7 years. I have never made enough to owe them money, and have always received a refund. My bankruptcy company said they will do my past income taxes. Other than to pay for the actual cost of the bankruptcy am I entitled to the refunds from my past and present income tax or must it go into the bankruptcy?

Posted from: Ontario

bankruptcy and small claims court

Questions — Fri, 06 May 2011 15:06:05 +0000

I have a person “coming after” me concerning small claims court. I am now unemployed, am on welfare, soon to go on disability, and will be filing for bankruptcy. Can this person “get anything” from me? I do not have any assets per se, and any I do will go towards the bankruptcy or have had to be looked at by welfare.

Posted from: Ontario

Excess car value

Questions — Wed, 04 May 2011 14:10:49 +0000

If your car is worth more than the allowable limit and it is paid for where can the money come from to pay the difference to the trustee so you can keep your car? If you have any money in the bank does it not belong to the trustee anyway? Can you borrow it from a friend?

Posted from: Nova Scotia

income and expenses

Questions — Wed, 04 May 2011 11:19:38 +0000

i’m on longterm disability and live alone. My expenses exceed the threshhold for a single person. ex; disability payment is 2500 tax free and expenses are 2100 and cant be reduced. what is expected of me to pay in bankruptcy

Posted from: New Brunswick

car

Questions — Tue, 12 Apr 2011 13:17:09 +0000

I have a car thats worth about $3000. and I am planning to claim for bankruptcy my question is would I be able to keep my car or would I lose it. Thank you

Posted from: Alberta

tool of the trade

Questions — Wed, 06 Apr 2011 05:10:20 +0000

I am an owner operator with 1 truck. Is my truck a tool of the trade or is it classified under the $5600 vehicle allowance?

Posted from: Ontario

inheritance

Questions — Mon, 04 Apr 2011 18:34:19 +0000

my dad is 82 – i will have to go thru either bankruptcy or proposal soon – if my dad passes and i receive an inheritance after being approved for bankruptcy or proposal, can i keep the inheritance? which route is better? thanks.

Posted from: Ontario

Car

Questions — Mon, 28 Mar 2011 22:24:25 +0000

I have a car loan and I am wondering if I will be able to keep my car after filing for bankruptcy?

Posted from: Alberta

Secured LIne of credit

Questions — Mon, 28 Mar 2011 22:23:34 +0000

What happens to my home if I declare Bankruptcy in Ontario if I have a secured line of credit, no mortgage, on the property?

Posted from: Ontario

Mrs.

Questions — Fri, 25 Mar 2011 15:21:54 +0000

if they garnish my wages do I get notified and if I have to claim personal bankruptcy and my car loan is in good standing not a single missed payment do I get to keep it

Posted from: Ontario

Legal Aid Lien

Questions — Fri, 18 Mar 2011 11:53:10 +0000

Legal aid has a lien on a property. If the property owner goes bankrupt. Will that lien be discharged, and the owner still get to keep the home? Assuming little or no equity.

Posted from: Ontario

gifts after bankruptcy

Questions — Mon, 21 Feb 2011 15:04:20 +0000

As a single senior with considerable debt to CRA, even my pensions are being heavily garnished. I know I will have to give up my car which is leased and payments too high. My question is, if i am in personal bankruptcy, would I be able to accept a gift from family of an older car for basic transportation?

Posted from: Ontario

Cash in Bank

Questions — Fri, 21 Jan 2011 23:31:59 +0000

Very informative website. My question is regarding the cash in hand or bank account on the day of filing bankruptcy. Does all this money goes to estate or there\’s some cash that I can keep in account or in hand or day to day expanses. What amount is reasonable for a debt of approximately $70,000.
Posted from: British Columbia

Property seizure ?

Questions — Thu, 13 Jan 2011 23:26:38 +0000

I have about $30.000 in CC debts at two banks. I\’m thinking about bankruptcy but not yet sure. I\’m not in Canada right now and things seem to be very complicated.

I have a house in another country but there\’s a mortgage on it actually bigger that the market value of the hause.

My question is: if I file for bankruptcy will the creditors be trying to seize the forign property ?

Posted from: British Columbia

LIRA in a bankruptcy

Questions — Thu, 06 Jan 2011 23:10:04 +0000

is a LIRA lost if one goes bankrupt

Posted from: Ontario

thinking about bankruptcy but need to if my rsp is ellible for exemption

Questions — Fri, 31 Dec 2010 04:06:54 +0000

Hi, I currently hold rsp which are GIC and would mature early next year. Due to my current finacial situation I am considering bankruptcy but would like to know if my rsp could be exempt. thanks for your advise

Posted from: Ontario

Child tax refund from before we filed bankruptcy

Questions — Thu, 16 Dec 2010 22:06:06 +0000

Hi, We filed for bankruptcy about 6 months ago. We have about 18 months to go before we are discharged. Our Trustee\’s accountant did all of our back taxes, business and personal, from 2006 to 2009. During those 3 years we didn\’t receive any child tax benefits because we didn\’t have our taxes done. Now I have received a cheque for a huge lump sum from the back payment of the child tax benefits. How will this affect our bankruptcy payments? Will we owe any of that to the trustee? You mentioned somewhere that it would be considered income, how do we adjust that on our monthly expense reports?
that it would be considered income, how do we adjust that on our monthly expense reports?

Posted from: Ontario

Car ownership

Questions — Wed, 17 Nov 2010 01:11:18 +0000

If I gift my car (2009 Corolla-fully paid) to a friend or family member just before I claim Bankruptcy – will this be problematic?

Posted from: Manitoba

What I keep or lose

Questions — Tue, 02 Nov 2010 14:46:16 +0000

Will someone be coming to my home to see what assets they can seize?

Posted from: Ontario

Horse and dogs

Questions — Wed, 13 Oct 2010 16:24:02 +0000

I can`t find anywhere if my pets are affected by bankruptcy. I have 2 horses (one that was willed to me by a friend) and 3 dogs. All are like kids to me and I would never let anyone take them. I have read through the Ontario info and don`t see anywhere if they are exempt? Thanks T

Posted from: Ontario

assets, student loans and bankruptcy.

Questions — Mon, 20 Sep 2010 23:13:00 +0000

Will the RESP`S that are set up for my daughters be affected?

Are student loans taken care of by claiming bankruptcy?

Thank-you

Posted from: Ontario

Win money in contest during bankruptcy

Questions — Mon, 13 Sep 2010 05:54:48 +0000

If I won money in a contest just before, or just after I filed for bankruptcy, would I get to keep the money?

Posted from: Ontario

Mr. Jones

Questions — Fri, 10 Sep 2010 02:20:02 +0000

Can you take your name off a shared land title as to not hurt the other people on title, before declaring bankruptcy?

Posted from: Ontario

karen – would I loose my care in bankruptcy

Questions — Thu, 12 Aug 2010 23:01:05 +0000

Would I lose my car if I claimed bankruptcy

Posted from: Alberta

Corporation vs personal and divorce

Questions — Tue, 03 Aug 2010 06:08:54 +0000

My ex wife and I own a company together. She left s few years ago but still remains on the Corporation papers (she will not sign off). We had very poor bookkeeping and while settling our divorce the books showed a huge debt to the Government, banks, and some suppliers ($110,000) I have personally treid over the last 2 years to keep the company afloat and have borrowed $40,000 of my own money to keep it alive. I am on a payment plan and have almost paid Gov but Visas and line of credit are still overwhelming. If I was to consider bankruptcy, which way do I go corporate or personal or both? We have approx $170,000 still in trust from the sale of our house, is that affected?

Thank You
James

Posted from: British Columbia

will i have to give up my car?

Questions — Sun, 01 Aug 2010 19:48:07 +0000

hi there, i was thinking of bankrupcy although im not sure bc i took out a line of credit and am pretty sure my car (which has always been registered under my moms name) is used as collateral, but its not in my name can they take it?

Posted from: Ontario

Landand bankruptcy in Alberta

Questions — Mon, 19 Jul 2010 21:36:28 +0000

Can I keep my land I purchased a few years ago and my savings bond if I decide to go bankrupt?

Posted from: Alberta

Personal Bankruptcy

Questions — Sun, 18 Jul 2010 14:42:08 +0000

If a person declares bankruptcy, is their life insurance policy touched? (it is for their burial)

Posted from: Ontario

In bankruptcy Do I Have to return Boat and Trailer if I can afford payments?

Questions — Wed, 14 Jul 2010 07:33:02 +0000

Im thinking about going bankrupt. I was without a job for a while and accumulated or 40k in credit card debt. I can no longer afford the credit card payments , but I have a boat and trailer that are financed through a local credit union.

I am wondering, if I go bankrupt, will I have to give up the boat and trailer? Or can I keep them if I can afford those payments? Really the only thing that is killing me is the credit card payments, I have considered a consumer proposal, but I think bankruptcy is the option for me in this case.

Would I be able to keep the boat and trailer if bankrupt, if I was able to keep making payments to the bank on them?

THANK YOU!

Posted from: Saskatchewan

can i keep my home

Questions — Fri, 02 Jul 2010 22:59:27 +0000

I own a 1971 glendale trailer that is approximatly worth $10 000.00. I owe nothing on it and this is where i live. do i have to give up my home if i decide to go bankrupt

Posted from: New Brunswick

vehicle and bankruptcy in quebec

Questions — Thu, 01 Jul 2010 01:35:04 +0000

My daughters have purchased a $7000 2004 Chrysler vehicle for me a few months ago. If I file for personal bankruptcy will I be entitled to retain this vehicle? Thank you

Posted from: Quebec

bankruptcy

Questions — Mon, 28 Jun 2010 14:25:19 +0000

our house is in mine and my wife`s name.If she claims bankrupcy can my home be taken?

Posted from: Ontario

Is it possible to lose your house because of pre bankruptcy settlement?

Questions — Tue, 22 Jun 2010 02:34:25 +0000

I have 60k debt on my credit card with a bank. We went to court and made a settlement on my payment for $350 per month and I gave bank the authority to sell my home if I do not pay that monthly payment (My home has equity like 30k). Now I have calculated and found if I claim bankruptcy I should pay 200 per month to trustee and also all my debts which are equal to 90k (including that 60k) will be gone. I want to know if I claim bankruptcy and stop paying the $350 to bank and start paying $200 to trustee, can they still sell my house because of that court permission or bankruptcy law will protect my home from it.

Thanks

Posted from: British Columbia

Joint Ownership and bankrutpcy Question

Questions — Sat, 19 Jun 2010 21:46:19 +0000

I reside in Alberta but hold a joint mortgage with my mom for her house located in BC. The house is my mom`s principal residence and she has never missed a mort. pmt. I never lived there. If I declare bankruptcy in AB, will her house be affected? She will continue to make the pmt and I don`t want her to suffer in any way.

Thank you.

Posted from: Alberta

rrsp`s and bankruptcy

Questions — Fri, 04 Jun 2010 01:56:24 +0000

do i keep my RRSp`s in bankrupcy

Posted from: Yukon

Inheritance

Questions — Thu, 27 May 2010 20:43:34 +0000

If a relative dies prior to us filing for bankruptcy, but during our bankruptcy period we inherit some money, do we need to turn it over to the trustee?

Posted from: Ontario

Redeemed exemptions

Questions — Thu, 13 May 2010 23:37:00 +0000

Once an asset is considered exempt ie. $40,000 equity in a home, or RRSP in a segregated fund with an insurance company; are the funds also considered exempt if redeemed (the house is sold, the RRSP`s are cashed, life insurance cash value is taken, etc.?

Posted from: Alberta

RESP and bankruptcy / consumer proposal

Questions — Wed, 05 May 2010 15:39:07 +0000

Over the years, I have contributed my child tax benefit to an RESP for my son. Other relatives have also contributed to this. Now I find myself in way too much debt and am considering CP or bankruptcy. I know an RESP is an asset that can be liquidated in a bankruptcy. Is it worth it to wait another two years until my son can use these funds for his education? I`m still able to pay my minimum balances on all my credit cards.

Posted from: British Columbia

A Joint Car Loan ?

Questions — Thu, 29 Apr 2010 12:53:42 +0000

Im wondering What happens in the situation that my newly ex common law partner and I yet have a car loan jointly but Id like to file for personal bankruptcy. We owe $23,500 yet and the car is blackbook valued for less then we owe! We have never missed a payment(he takes care of them) How does this work?

Posted from: Ontario

Vehicle worth less then 5650.00

Questions — Wed, 28 Apr 2010 22:44:30 +0000

Just a quick question. I know if you have a vehicle worth less than 5650.00 but what if there is still money owing on it? Will it then be taken or can it be kept?

Posted from: Ontario

House titlement and code of ethics on behalf of a company

Questions — Sat, 24 Apr 2010 15:30:01 +0000

Am I required to sign my house over during bankruptcy, especially if there is Excess equity in it? Are companies allowed to threaten jail term and use scare tactics to obtain extra money?

Posted from: Alberta

RESP changes?

Questions — Mon, 29 Mar 2010 21:51:15 +0000

Do the recent changes to bankruptcy involving RRSPs also apply to RESPs, or are they still not exempt during a bankruptcy?

Posted from: British Columbia

go into home?

Questions — Sun, 28 Mar 2010 15:42:57 +0000

I don`t see this question around, but i have to ask.

Can the trustee, debt agency or someone go into the home to look around and take whatever they think has value? For example a $500 couch they think is worth $6,000 if they see it. A computer worth $3,000 (at that time new) but now its worth $300 or a picture that looks old. What if it`s an heirloom? A Big screen LCD TV that has a crack or doesn`t work.

Posted from: Ontario

winning money and bankruptcy

Questions — Thu, 18 Mar 2010 18:24:00 +0000

If someone were to win say 10,000.00 during a bankruptcy would that whole amount have to be forfeited to the trustee or would only a portion of it have to be given to the trustee

Posted from: Ontario

RESP Account

Questions — Fri, 12 Mar 2010 02:08:18 +0000

My minor children have RESP accounts under their own name which I have made monthly contribution since they were born.
If I file for bankruptcy, will I or my children lose them to creditor?

Posted from: British Columbia

Employment Insurance Income and personal bankruptcy

Questions — Thu, 25 Feb 2010 08:43:23 +0000

I was laid off from my job last year and am currently receiving EI as my only source of income. Will I be able to continue receiving the remaining EI I was entitled to if I file for bankruptcy?

Posted from: Ontario

CPP Disability Payment

Questions — Sun, 24 Jan 2010 21:22:27 +0000

I`ve been accepted for a CPP Disability. They are giving me a back pay of $10 thousand. Will I lose this to my creditors?? I`ve already declared bankruptcy 5 months ago.

Posted from: Ontario

Unsettled estate and bankruptcy

Questions — Mon, 18 Jan 2010 05:52:55 +0000

If I am expecting money from an estate that hasn`t been settled (the person died over a year ago), and I now declare bankruptcy, will I lose that money?

Posted from: British Columbia

is a consumer proposal or bankruptcy

Questions — Fri, 08 Jan 2010 08:10:27 +0000

if i am the sole director of a franchise in that there is no personal stuff used as security but i am personally poor from unsecured credit cards $250000 does the franchise become part of the personall bankruptcy or does the franchise stand on its own.could i go personally bankrupt and keep the franchise or does that franchise become part of the inslovancy to satisfy creditors?

Posted from: British Columbia

Death + Bankruptcy

Questions — Thu, 07 Jan 2010 04:12:29 +0000

I did my mom`s finances recently after my dad`s death. Between her and the joint accounts between them, she now would have about $53000 in debt, a minimum payment of just a touch over $1500 a month on a $1100/month income. This doesn`t include bills and such.

The house was between me and my dad, so the house would transfer over to my name. There`s a considerable amount of tools and personal effects in the house and if my mother declares bankruptcy, would these items be brought into question?

Thanks

Posted from: Ontario

Filing Bankruptcy,

Questions — Tue, 05 Jan 2010 07:45:46 +0000

I am going to be filing for bankruptcy early next month. I realize you lose everything that is worth something. ex: RRSP`s inheritance, vehicles that are worth more then $5000.00 etc… My question is, when you declair bankruptcy, what is it you lose during your bankrupcty…. I think I understand I will not receive GST cheques, and income returns….. This is my first time ever claiming bankruptcy…. so ……. How long would this continue? Is it only til your 9 months are up…(if you follow all requirements….) 7 years? aslo I am expecting a child in the next 6 months…. will I receive the baby cheques? or does the government keep that as well?

Posted from: British Columbia

pension transfers

Questions — Mon, 28 Dec 2009 13:29:11 +0000

After being laid off from an auto assembly job, I transferred pension moneys from the company`s plan to a locked in money market fund at an insurance company.

I was told that the money was locked until I turned 55 or under a hardship claim I could take out a portion of this pension money.

My question is: If I were to declare bankruptcy, would this pension money be protected like moneys in an RRSP (after a 1 year holding period) or would creditors be entitled to those monies?

Posted from: Ontario

gwn

Questions — Thu, 24 Dec 2009 16:28:46 +0000

While I am undischarged, if my spouse passes away is the life insurance, to which I am sole beneficiary, subject to dispursement by the trustee?

Posted from: Ontario

morgage into bankruptcy

Questions — Tue, 22 Dec 2009 22:07:53 +0000

i do NOT want to keep my home. It IS the problem of my debt. how do i include my home (it has no equity) into my bankruptcy. Or how do i get out of my morgage???

Posted from: British Columbia

other family member possessions

Questions — Sat, 19 Dec 2009 04:08:04 +0000

What happens to a house and contents when I file for bankruptcy and the house is in my wife`s name. Are my childrens possessions (ages 20 and21 and living at home or in university) taken?
What about my wife`s dishes, paintings or jewellery?

Posted from: Nova Scotia

inheritance seizures

Questions — Sat, 19 Dec 2009 03:30:41 +0000

my husband is receiving a small inheritance by way of mineral rights If he declares bankruptcy how long can this money be taken from him. Currently it is a very small amount shared equally with his sister via the will. Are the creditors made aware of the sources of income of the bankrupt?

Posted from: Alberta

lease

Questions — Tue, 15 Dec 2009 19:55:39 +0000

i currently lease a vehicle and it doesn`t run out till march, 2011. if i claim bankruptcy, will i be able to keep the vehicle as i claim? thank you.

Posted from: Saskatchewan

Firearms

Questions — Sat, 12 Dec 2009 16:10:39 +0000

I have about $2000 worth of firearms
I use for hunting. Would I be able to keep them.?

Posted from: Ontario

Owned Vehicle

Questions — Mon, 07 Dec 2009 22:17:35 +0000

Hello,
I`m 70 and I just lost my job. I was living paychq to paychq and I`m 40K in debt. I want to claim bankruptcy. I owned a 2005 Dodge Caravan with 200,000 km and 2 accidents (fixed) damage to front and side (claims made). I want to find another job, but I will need my van to do that, and to work if I can get another job. Will I have to surrender my van? How will I continue to look for work/work if I can get another job at my age if I do??

Posted from: Ontario

inheritence

Questions — Sat, 05 Dec 2009 04:49:34 +0000

My mother recently passed away. If I receive an inheritence just prior to going into bankruptcy will I lose this?

Posted from: British Columbia

car lease

Questions — Thu, 03 Dec 2009 18:41:31 +0000

Thank you for your comment. We have a lot of debt but regardless we need to either get out of lease now or later and purchase now or later. We would definitely need a cosigner and have one. We just don`t want this person in trouble. They know we have been paying for a vehicle anyway and will continue. We also don`t want to go to the trouble of purchaseing a vehicle with a cosigner when it will be taken away. Will it?

Posted from: Ontario

rv – exempt property

Questions — Thu, 03 Dec 2009 05:18:34 +0000

Is an rv automatically taken by trustee and sold? Is there a difference if RV is paid off or if an RV is still owing money?
Thank yhou

Posted from: Ontario